Your credit score is important if you want to be approved for a home mortgage or purchase a vehicle and qualify for a loan with a lower interest rate. However, for many Americans, it can be hard to maintain a good credit score. Experian, one of the major credit reporting agencies, has come up with a new credit assessment program that hopes to make the process a little bit easier.
The new program called Experian Boost is supposed to increase your credit score instantly. Consumers with lower credit scores (between 580-669) are expected to benefit most from the new program. The online platform is set to launch in early 2019. Consumers who opt into the program will give Experian permission to access their online bank accounts to look at payments made to utility, cable, and phone companies for the past 24 months. The process is quick and takes approximately five minutes, and the consumer can expect his or her updated and hopefully improved FICO score to take effect instantly.
A similar “opt-in” program, called the Ultra FICO score, was recently launched as a partnership with FICO, Experian and Finicity. However, the Experian Boost program specifically focuses on positive payment history with payment accounts. It is the first of its kind and can lead to an instant improvement of a consumer’s credit score that was not seen with the Ultra FICO score.
The Experian Boost program gives the consumer more control, allowing them to remove the data inputted from the program at any time. The Ultra FICO program requires the consumer to have an established financial history. The Experian Boost program, however, allows individuals with a more limited credit history, including younger adults, to prove themselves as solid and responsible borrowers.
It is estimated that the program will benefit approximately 100 million American consumers who have limited credit histories, opening doors to them that they otherwise would not have access to due to poor or low credit ratings. To learn more about the new program, please click here. We also offer some important tips on rebuilding your credit after bankruptcy on our website.
If you have questions on this topic or are struggling with debt, call our law firm to schedule a free consultation. Having debt makes you stay up at night. It stresses you out. It ruins relationships. I went through it. Boldly, I mustered up the courage to call a bankruptcy attorney and I pressed the restart button in 2008. And even though ten years has passed since I made that decision to restart my life, I never forgot what it did for me and how it helped me start over.
It even inspired me and my law firm to become the largest filers of bankruptcies in the country and in the top two in Florida- all from our offices in Orlando and Kissimmee. The Benenati Law Firm has eliminated nearly a billion dollars of debt for its bankruptcy clients, making the firm one of the top twenty filers of bankruptcy in the nation. Remember, we are local in your hometown. We make our hours convenient for our clients and offer free consultations on Saturdays (9:00 a.m. – 3:00 p.m.) along with our normal business hours throughout the week. Go to https://www.407bankrupt.com/ or call 407-777-7777 to set up a free private consultation and learn more information. Because Life Has a Restart Button.